Home Commodities Sector Update: Energy Stocks Plunging with Steep Drop in Commodity Prices

Sector Update: Energy Stocks Plunging with Steep Drop in Commodity Prices

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Energy stocks were sharply lower this afternoon, with the NYSE Energy Sector Index falling 6.8% and the SPDR Energy Select Sector ETF (XLE) down 6.6%.

The Philadelphia Oil-Service Sector index was posting a 8.6% retreat and the Dow Jones US Utilities Index was slipping 1.7%.

West Texas Intermediate crude oil was sinking $4.59 to $78.90 per barrel, while North Sea Brent crude was sliding $4.26 to $86.20 per barrel. Henry Hub natural gas futures were $0.29 lower at $6.80 per 1 million BTU.

In company news, Dorchester Minerals (DMLP) slid 12% after late Thursday saying Bradley Ehrman would become its new CEO on Oct. 1, with the natural gas and oil royalties and leasehold company’s chief operating officer moving up to succeed William Casey McManemin, who has been CEO at Dorchester since its 2001 launch.

Transocean (RIG) fell 6.1%. The company overnight said it received an exclusive contract for its 33%-owned Norge semi-submersible drillship to drill a combined 17 wells for OMV Norge and Wintershall Dea Norge beginning in 2023 and continuing through 2027, subject to rig availability and operator and government approvals. The deal is expected to contribute $437 million in backlog if all approvals are received, Transocean said.

Flux Power Holdings (FLUX) rose 5% after the lithium-ion battery company late Thursday reported a Q4 net loss of $0.17 per share, improving on a $0.30 per share loss during the year-ago period and beating the Capital IQ consensus expecting a $0.26 per share loss for the three months ended June 30. Revenue increased 83% year-over-year to $15.2 million, also exceeding the $12.2 million analyst mean.

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